Honeywell 2004 Annual Report Download - page 133

"Alternate Currency" means any lawful currency other than Dollars
and the Major Currencies that is freely transferrable and convertible into
Dollars.
"Applicable Lending Office" means, with respect to each Lender, such
Lender's Domestic Lending Office in the case of a Base Rate Advance and
such Lender's Eurocurrency Lending Office in the case of a Eurocurrency
Rate Advance and, in the case of a Competitive Bid Advance, the office of
such Lender notified by such Lender to the Agent as its Applicable Lending
Office with respect to such Competitive Bid Advance.
"Applicable Letter of Credit Rate" means, as of any date, a
percentage per annum determined by reference to the Public Debt Rating in
effect on such date as set forth below:
----------------------------------- -------------------------------------
Public Debt Rating Applicable Letter of Credit Rate
S&P/Moody's
----------------------------------- -------------------------------------
Level 1
-------
A+ or A1 or above 0.230%
----------------------------------- -------------------------------------
Level 2
-------
Lower than Level 1 but at least A 0.270%
or A2
----------------------------------- -------------------------------------
Level 3
-------
Lower than Level 2 but at least 0.360%
A- or A3
----------------------------------- -------------------------------------
Level 4
-------
Lower than Level 3 but at least 0.505%
BBB+ or Baa1
----------------------------------- -------------------------------------
Level 5
-------
Lower than Level 4 0.725%
----------------------------------- -------------------------------------
"Applicable Margin" means (a) for Base Rate Advances, 0% per annum
and (b) for Eurocurrency Rate Advances, as of any date, a percentage per
annum determined by reference to the Public Debt Rating in effect on such
date as set forth below:
----------------------------------- -------------------------------------
Public Debt Rating Applicable Margin for
S&P/Moody's Eurocurrency Rate Advances
----------------------------------- -------------------------------------
Level 1
-------
A+ or A1 or above 0.180%
----------------------------------- -------------------------------------
Level 2
-------
Lower than Level 1 but at least A 0.220%
or A2
----------------------------------- -------------------------------------
Level 3
-------
Lower than Level 2 but at least 0.260%
A- or A3
----------------------------------- -------------------------------------
2